Context: Recently, the Union Minister of State (Independent Charge) of Science & Technology inaugurated the 3rd Global Bio-India Summit, a mega international convention on biotechnology from 4th to 6th December in New Delhi.

3rd Global Bio-India Summit 2023

• Global Bio-India (GBI) 2023, will  attract large global corporates to set up R&D and manufacturing bases in India 
• It will also have a public session “Science Connect Series with Society” where global experts from healthcare, AI, and life science. sciences to Bioeconomy.
• Theme: Transforming Lives BioScience to Bioeconomy.

What is the Global Bio-India Summit?

• Nodal Ministry:  Ministry of Science and Technology, and Biotechnology Industry Research Assistance Council (BIRAC).
• Aim: To provide a platform to network for large industries, biotechnology stakeholders, investors, and the startup ecosystem. 

About India’s Bioeconomy:

• According to the United Nations Food and Agriculture Organization (FAO), Bio-economics can be defined as the production, use, and conservation of biological resources, including related knowledge, science, technology, and innovation to provide information, products, processes, and services to all economic sectors to move towards a sustainable economy.

• India’s Bioeconomy Report 2022:
  • India’s bioeconomy has reached over USD 80 billion in 2021, registering a 14.1 percent growth over USD 70.2 billion in 2020.
  • It will likely touch USD 150 billion by 2025 and over USD 300 billion by 2030.
• India had just 55 (Biotech) Startups in 2014, now there are more than 6,000 biotech companies. And there are over 3,000 Agritech Startups.

Source: PIB